HDFC Q3 profit falls 14% to Rs 2,114 cr sequentially, provision decline sharply

Housing Development Finance Corporation has reported a 14 percent sequential degrowth in third quarter profit at Rs 2,114 crore and the same year-on-year basis fell 63 percent due to low base.

Profit growth in September quarter 2018 and December quarter 2017 was driven by sale of stake in HDFC AMC and HDFC Life Insurance through IPO.

Revenue from operations during the quarter increased 3 percent quarter-on-quarter and 20 percent year-on-year to Rs 10,450 crore, the housing finance major said in its filing.

HDFC said provision for expected credit losses stood at Rs 116 crore for the quarter ended December 2018, narrowing compared to Rs 401.30 crore reported in September quarter and Rs 1,765 crore in same period last year.

Numbers were slightly ahead of CNBC-TV18 poll expectations of Rs 2,086 crore for profit and Rs 10,138 crore for revenue for the quarter.

The company said tax expenses during the quarter at Rs 755 crore fell by 26 percent compared to Rs 1,022 crore in previous quarter, but increased 37 percent YoY.

Loan book stood at Rs 3.86 lakh crore as of December 2018 and net interest margin remained unchanged at 3.5 percent sequentially, said Keki Mistry, Chairman and CEO of HDFC while addressing press conference.

Asset quality slightly weakened in the quarter gone by as gross non-performing assets were higher at 1.22 percent against 1.13 percent at the end of September quarter.

At 14:12 hours IST, the stock was quoting at Rs 1,925.00, down Rs 23.60, or 1.21 percent on the BSE.

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